Lake Forest, Calif.
Apria Healthcare has closed another high-profile deal with the purchase of Maumee, Ohio-based Young Medical and its sister company Toledo I.V. Care.
Young Medical President Tim Pontius — who ended his tenure as AAHomecare chairman at the association's Washington Leadership Conference in June — will stay on with the company, as will 80 of his employees.
The purchase, which closed June 3, is the latest in a string of deals Apria has put together this year. The respiratory giant closed seven transactions worth $28.1 million during the first quarter alone.
“We're very busy at the moment,” said Apria CFO Amin Khalifa, who added that the firm's own possible sale will not put a damper on its acquisition strategy.
Young Medical launched in 1974, providing respiratory equipment in northwest Ohio and southeast Michigan.
According to Pontius, Apria will close its existing store in the market. Pontius said he will remain as president and keep all of his key managers.
“I hope this isn't viewed as my giving up on this industry, because that's not what it's about,” he said. “For the last-year-and-a-half, I felt the company had been at almost a market saturation point.”
